Another round of Social Security payments is scheduled to be made this week for beneficiaries across the country.
Why It Matters
The Social Security Administration pays retirement, disability and survivor benefits to more than 70 million Americans, forming a bedrock of income for those who are retired, disabled or the survivor of a deceased worker.
Payments are administered on a monthly basis and paid in one lump sum for most recipients. Because of the large number of recipients, not every claimant receives their payment on the same date each month.
Benefits Paid This Week
On Tuesday, June 3, benefit payments are scheduled to be made to those who have been collecting checks since before May 1997 and those who also collect Supplemental Security Income benefits.
Anyone who doesn’t receive their payment on the expected date should allow three working days before contacting Social Security. Saturdays, Sundays and public holidays are not working days.
How Much Is Social Security?
The average Social Security retirement benefit is $1,976 per month as of January 2025, but the beneficiary’s lifetime earnings and years spent paying Social Security taxes determine the actual amount.
Up to $2,831 can be earned each month by retiring at age 62, and up to $4,018 can be earned by claiming at full retirement age, which is 67. The upper limit increases to $5,108 for those who wait until they are 70.
Benefits increase in line with inflation every year thanks to the Cost of Living Adjustment (COLA).
The definitive answer for how much benefits will rise next year is not set in stone and is expected to be officially announced in October.
Based on current economic conditions, the Senior Citizens League (TSCL) forecasts the COLA for 2026 to be 2.4 percent, which is slightly lower than the 2.5 percent annual boost for benefits in 2025.
It would also be the lowest annual increase since 2021. High inflation during the coronavirus pandemic led to considerably higher-than-average COLAs of 5.9 percent in 2022 and 8.7 percent in 2023.
“If our predictions come true and the 2026 COLA comes in at the lowest we’ve seen since 2021, seniors will face additional pressure at a time when they’re already strained financially,” TSCL executive director Shannon Benton said last month in a prediction update. “Our research shows that 73 percent of American seniors rely on Social Security for at least half their income, with 39 percent depending on the program for all of their income.”
Further Payment Dates
In June, benefits are scheduled to be paid on the following dates:
- Wednesday, June 11: Retirement, spousal and survivor benefits for those born between the 1st and 10th of any calendar month.
- Wednesday, June 18: Benefits for those born between the 11th and 20th.
- Wednesday, June 25: Benefits for those born between the 21st and 31st.
The post Social Security Benefits: Payment Worth Up to $5,108 Due This Week appeared first on Newsweek.
